Experts predicted that October 2018 would have fewer sales and more homes available for sale than October 2017. It came as a surprise when the opposite occurred! The 7,492 homes sold by Toronto Real estate Board members was 6% more than October 2017, and prices increased by 3.5% year over year. 14,431 homes were listed on the MLS system, down 2.7 % compared to October 2017. The fact that sales were up and new listings were down suggests that market conditions have become tighter. With more sales and fewer homes for sale over the last 5 months, listing supply remains an issue in the Greater Toronto Area.
For the month of October, homes sold on average within 24 days and a list to sale ratio of 99%. BUT… that’s an average, for all types of properties in all areas in the GTA. In Vaughan it was 96% in 32 days, and in Durham, 98% in 24 days. In other areas it was always within 5% of the asking price in approximately 3 weeks. It’s obvious, that the market is very sensitive to price and if a home is not sold within 3 weeks, actions have to be taken, either to improve the property, the marketing or the price.
This is the market that a full time agent, a company that spend money on marketing, an overwhelming web presence, world wide access to buyers, services and staff makes a huge difference! Despite what some agents say, the agent and the company is the difference between selling and not selling.
This market will continue into 2019. It is truly the best time to buy and sell! Give me a call, let me prove to you why.
Have a great November,
Your Friend in Real Estate.
PS. I am never too busy for your referrals!
Why Choose Peter Kwan of RE/MAX Realtron When Selling Your Home?
Real Estate Professional Peter Kwan has been serving home Sellers and Buyers in Toronto since 1991. He is a consistent Top Producer and has earned many awards throughout his career, including #1 Chinese agent in Canada.
Backed by the power of the RE/MAX network, Peter uses a combination of traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. His website features community and Real Estate information, as well as Listings.
Peter is fluent in English, Cantonese and Mandarin. His aggressive and unique marketing plan gives all his clients' homes extraordinary exposure. SOLD FAST, and gets TOP DOLLAR! His success has been due to personal approach and integrity * dedicated service to his clients and the industry.
Peter is tireless in his efforts to serve his clients. He understands the needs of a family. By exceeding the expectations of his clients, Peter has earned their referrals and repeat business. He has the skills, knowledge and experience to achieve your Real Estate Goals.
Why Peter Kwan? Because…He specialize in you!
Peter Sold 1 Home Ever 2-3 Days since 2006.
Most of Peter's listings sold record breaking over asking price were without ineffective open houses, staging & even no For Sale sign on the property. Peter is very happy and appreciated if the owner allow him to install an overasking sign after Sold.
Peter is so confident that if owner found any real estate agent sold more properties in Ontario than Peter Kwan within the past 26 years, Peter is willing to match their commission plus a free air ride with Peter Kwan (Pilot in Command) on his private airplane.
No Free Lunch! Peter invests close to $1 Million every year just to Advertise!